Dec 22, 2012 4:00am PST
into recession. >> kristen welker in hawaii, thank you for that. >>> joining me for more on the fiscal cliff negotiations is john yarmouth. welcome, thank you. glad to have you back on the show. >> thank you. >> president obama still thinks a deal can be reached, but speaker boehner had a pretty tough defeat when republicans balked at the plan to raise rates of those making over $1 million. where do you put the chances of a deal being reached before january? >> i don't think they are very high. the more likely scenario, rates will go up automatically on january 1st, and we discussed earlier on the program, that we'll meet early next year and cut taxes of 98% of american people, slightly more than that. but there is an outside chance, and one scenario in which the president and speaker boehner negotiate a deal, and it's a deal that most democrats can accept, instead of a majority of the republicans in the house, 40 or 50 of them vote with democrats to avert the fiscal cliff on the tax side, but that jeopardizes speaker boehner's job. he would be driving the bus over his most conservative memb
Dec 22, 2012 6:30pm EST
welker traveling with the president tonight. thanks. >>> for more on what going over the so-called fiscal cliff could mean for you and your family come the new year we want to bring in the "today" show financial editor. a lot of focus has been on the expiring bush era tax cuts. let's talk about the amount of money that comes out of your weekly or monthly paycheck. how will that change? >> reporter: the other thing that is expiring is the payroll tax holiday. that is very likely to go whether or not we get a deal. for americans who earn about $30,000 a year, that's going to mean a cut of $50 a month, $500 over the course of the year in their pay checks. for those who earn closer to $50,000 we're looking at a thousand dollars over the year and if you earn closer to $100,000 it's $2,000 throughout the year. >> let's talk about those expiring tax cuts. if congress doesn't act, how much of a bite is that going to take from the average american? >> well, as the man said in the piece, on average it is going to take about a $3500 bite for the average american. but it is going to take more from up
Dec 22, 2012 9:00am PST
with its biggest test yet. >> thanks so much, pete. >>> more now on the gun debate in and the fiscal cliff. joining me is congresswoman diana of colorado. welcome to you, glad to have you join us. >> good morning, alex. >> the nra says the answer to gun attacks is putting police with guns in the schools. you are from colorado and you knee did not work in the columbine attack because there were armed guards will, right? >> right. alex, columbine is in my congressional district and i was in congress when columbine happened. they had would armed guards there. many of the schools already have armed guards. you know, just saying we need to make bigger fortresses of our elementary schools is really an unbelievable and shocking answer to the issue of these assault weapons and these -- the assault magazines. i mean, it is -- it boggles the mind. a lot of us who are gun control advocates had hoped that the nra by taking a few days to think about it would really think it through and let's come to the table. let's really talk about what gun ownership means. and let's talk about the fact that the only
Dec 22, 2012 3:00am PST
withholding up an agreement on the fiscal cliff. back to you in new york. thank you, peter. and if congress can't make that deal, taxes for every single american all of you watching this morning will go go up on january 1st. here to tell us how much they will go up economic editorial writer for the "wall street journal" author of who is the fairest of them all. the truth about opportunity, taxes and wealth in america. stephen moore. stephan, you are the bearer of bad news this morning. how much are our taxes going to get hit in just two weeks? >> well, good morning, guys. merry christmas. you though, this is an unbelievable situation because it's been, what, five or six weeks since the election. abc it's amazing that they are still as far apart today from getting a deal as they were when we first started talking about this. if we do go over the cliff. by the way i agree with peter. i still there is a slim chance at getting something done next week before new year's eve. but if we don't get that deal, we're talking about a very major tax increase. not just on people like warren buffet and bi
Dec 22, 2012 3:00am PST
with no deal. and that's before we talk about the rest of the fiscal cliff implications. >> that's why we're paying such close attention to it. thank you very much for the update this morning. >>> it took a week, but the nra finally responded to the massacre in newtown, connecticut. they promised a, quote, meaningful contribution to stop similar attacks. protesters interrupted the statement twice. what's the plan for the nra? armed guards in schools. why? listen. >> politicians pass laws for gun-free school zones. they issue press releases bragging about them. they post signs advertising them. and in doing so, they tell every insane killer in america that schools are the safest place to inflict maximum mayhem with minimum risk. >> now, i want to show you some of the reactions to the nra's message. michael bloomberg has been critical of the president and congress for not tackling this subject earlier. so what did he say about the nra's plea? quote, a shameful evasion of the crisis facing our country. >>> connecticut congressman chris murphy represents newtown. and here's his tweet after th
Dec 22, 2012 7:00am EST
-called fiscal cliff with stephen dinan and then we get more comments. first president obama nominating senator john kerry of massachusetts to be the next secretary of state of the united states. and in his announcement the president spoke about john kerry's background in foreign affairs and what makes senator kerry a good nominee to be the next secretary of state. >> john's entire life has prepared him for this role. the son of a foreign service officer. he has a deep respect for the men and women of the state department. the role they play in advancing our interests and values and the risks they take and make in sacrificing their families. and especially our military power. and he knows from personal experience that when we send our troops into harm's way, we must give them a strategy, a clear mission and the resources they need to get the job done. in an extraordinarily distinguished senate career and as chairman of the foreign relations committee, john has played a major role in every foreign policy debate in years. he understands we have to harness all elements of american power and ensure
Dec 22, 2012 2:00pm PST
, global economic collapse. and aside from the fiscal cliff, the battle in washington could hit you, the price of milk, higher. we'll explain.
Dec 22, 2012 7:00am PST
what's the deal with the fiscal cliff? coming up, "weekends with alex witt."